China Tracker - Details for Subaye (SBAY)


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 Subaye
 Business Outlook

COVERAGE TERMINATED (Going Dark)
Recent Chain of Events:
2011-11-04 -- Last SEC Filing
2011-11-01 -- CFO Resignation
2011-06-24 -- Delisting from NASDAQ
2011-06-01 -- CFO Appointment
2011-05-20 -- CFO Resignation
2011-05-12 -- CEO Appointment
2011-05-12 -- CEO Resignation
2011-04-08 -- Trading halted by NASDAQ
2011-04-01 -- Auditor Resignation
2011-03-13 -- CFO Appointment
2011-03-10 -- CFO Resignation
2010-12-23 -- Auditor Change
2010-12-23 -- Last Quarterly/Annual Report: FY2010 ended September 30, 2010

(Source: Trading China, 2012-09-30)

On April 1, 2011, PricewaterhouseCoopers Hong Kong informed Subaye, Inc. of its resignation as the Company's independent registered public accounting firm, effective immediately. ... PwC informed the Company that it considers the matters listed below may, in further investigated (i) materially impact the fairness or reliability of the financial information for the three months ended December 31, 2010, and (ii) cause PwC to be unwilling to rely on management's representations.

The Company's failure or inability, over an extended period of time, to adequately address: PwC's inability to obtain information and/or supporting documentation to verify cash settlements from sales agents to the Company. PwC's inability to obtain information and/or supporting documentation to verify the end customer subscriptions for the Company's services or the services rendered by the Company to the end customers. Inadequate documentation to substantiate the marketing and promotion activities performed by sales agents in return for fees paid to such agents and recorded as expenses of the Company. Insufficient explanations by the Company regarding certain commonalities between certain customers and vendors, andno evidence of any business tax payments by the Company for services rendered in China.

(Source: 8-K Filing, 2011-04-07)

Subaye reaffirms guidance for fiscal year 2011 of revenue of $71.3 million and net income from continuing operations of $29.2 million. Net income guidance includes non-cash expenses totaling $12.9 million for depreciation and amortization and stock based compensation as well as $17.0 in marketing promotions costs for FY 2011. FY 2011 Adjusted EBITDA is projected to be $58.1 million for FY 2011. The expected growth in 2011 will come continued growth in our existing markets as well as contributions from new markets that we have recently entered. Using the 9.4 million shares outstanding as of December 22, 2010, earnings per share for fiscal year 2011 would be $3.12. We do not anticipate marketing promotion costs will be significant in the first half of fiscal year 2011.

Subaye's goal for 2011 is to continue to expand aggressively into the new markets in China where we are already active and depending upon our success in those markets, we will enter into additional identified markets. We have committed significant resources and spent significant capital entering these new markets. We now have to deliver the growth that should result from our spending and the allocation of our resources to these particular markets in general. We believe the demand for cloud computing products potentially represents the single most significant market opportunity of all internet-based businesses in China in the next several years. We believe we can continue to grow at a significant pace as a result of maintaining a high quality product offering in a product space and geographic area that is exhibiting signs of significant growth in the years ahead.

(Source: PR Newswire, 2010-12-23)

Subaye announced today that it has re-launched its online service offerings with a focus on its cloud computing solutions. All online business solutions have now been bundled together as a full online business suite offering. Subaye's online business solutions are now being targeted to the mid-tier small and medium sized business (SME) market in China. Previously, Subaye's online business solutions were offered under separate arrangements and the Company was targeting lower-tier SMEs in China. These changes were effective in September 2010 and have been introduced to all 19 markets where Subaye is currently operating.

Subaye's new online business suite is offered to mid-tiered small and medium sized enterprises (SMEs) throughout Greater China. Previously, Subaye offered its online services as separate product offerings to entry level SMEs. In September, Subaye began to convert its video marketing and cloud computing customers, which were previously paying a subscriber fee of approximately $120 and $100 per month, respectively. The new bundled solution is now being offered for approximately $580 per month, which includes Subaye's traditional video marketing services and cloud computing solutions consisting of online customer relationship management, online marketing, brand awareness and campaign management, as well as business administration solutions (i.e. human resources, accounts receivable, accounts payable, among others). In the next twelve months Subaye will be prioritizing mid-tier SMEs but will also attempt to convince a targeted 10% of its former video marketing customers to utilize the new online business suite and agree to the new subscriber fee.

Subaye was unable to retain a majority of its traditional video marketing customers. The Company has received all proceeds from the sale of its assets from discontinued operations. As of November 1, 2010 the Company had $12.3 million in cash. The 3D Online Mall is scheduled for an initial launch on December 28, 2010. The Company will hold an investor conference call within a few days of the launch to discuss the impact of the 3D online mall on the Company's operations.

(Source: PR Newswire, 2010-11-03)

On October 25, 2010, Subaye entered into a letter agreement with Metro Fame Properties Limited, pursuant to which the Company acquired all of the assets of the online business-to-business opt-in engine, aixi.net, from Metro Fame in exchange for 1,495,585 shares of the Company's common stock

(Source: 8-K Filing, 2010-11-01)

The Company sold four copyrights to motion picture productions developed for the entertainment market in China. Internet Copyrights to "Big Movie" and "Big Movie 2" were sold for total net proceeds of $500,000 to Top Rider Group while the rights to "Big Future" and "Valleys and Peaks" were sold to Sparkful Investment for $7.0 million. The Company will record a loss of $4.1 million on these transactions. As a result of the sale of the remaining assets of the entertainment business, no further losses are anticipated in future reporting periods. The effect of the divestiture of the two business segments should only impact Subaye's fiscal year ending September 30, 2010 financial statements and should not impact any future reporting periods. Subaye intends to reinvest the proceeds from these sales into its core online video and cloud computing businesses.

(Source: PR Newswire, 2010-09-07)

Adjusting for the sale of its trade services and entertainment media businesses as discontinued operations effective March 16, 2010, Subaye reaffirms guidance for fiscal year 2010 of revenue of $38.3 million and net income from continuing operations of $12.5 million, or $1.77 per share, for the fiscal year ending September 30, 2010. For fiscal year 2011 the Company expects growth in revenue and net income from continuing operations of 86.3% and 133.5% over fiscal year 2010 guidance, respectively, resulting in revenue of $71.3 million and net income from continuing operations of $29.2 million, or $3.69 per share.

Management is confident the stated guidance will be met but is also in the process of reviewing the Company's financial results against the previously stated guidance.

(Source: PR Newswire, 2010-08-17)

Adjusting for the sale of its trade services and entertainment media businesses as discontinued operations effective March 16, 2010, Subaye reaffirms guidance for fiscal year 2010 of revenue of $38.3 million and net income from continuing operations of $12.5 million, or $1.77 per share, for the fiscal year ending September 30, 2010. For fiscal year 2011 the Company expects growth in revenue and net income from continuing operations of 86.3% and 133.5% over fiscal year 2010 guidance, respectively, resulting in revenue of $71.3 million and net income from continuing operations of $29.2 million, or $3.69 per share.

(Source: PR Newswire, 2010-05-18)

Subaye announced today that it is exiting its trade services and entertainment businesses to focus on further development and growth of its higher margin, proprietary on-line video advertising business. To date, the Company has sold its trade services business and certain assets of its entertainment business for a total of $7.0 million in cash proceeds. Adjusting for the sale of its trade services and entertainment media businesses as discontinued operations effective March 16, 2010, Subaye now estimates fiscal year 2010 revenue of $38.3 million and net income of $12.5 million, or $1.77 per share, from continuing operations for the fiscal year ending September 30, 2010. For fiscal year 2011 the Company expects growth in revenue and net income from continuing operations of 86.3% and 133.5% over fiscal year 2010 guidance, respectively, resulting in revenue of $71.3 million and net income of $29.2 million, or $3.69 per share, from continuing operations.

(Source: PR Newswire, 2010-05-03)
SBAY
Media & Advertising
SCORE
-2
UNDER REVIEW
READ: Score Cards Explained
SAFETY/RISK SCORE
EXTREME RISK
DETAILS: Safety/Risk Model for SBAY
Current Price:  n/a
F10k Day (2005-08-03): -100.00%$45.00
2009 Close: -100.00%$13.50
2010 Close: -100.00%$9.73
2011 Close: -100.00%$0.03
High (2012-02-17): -100.00%$0.06
Low (2012-07-25): -100.00%$0.00
Exchange:
Market Capitalization: n/a
Total Shares: 9.37 mill
Float: n/a
Avg Volume: 39.90 k
Short Interest: 172.80 k
Short Ratio: 2.39%4.3 d
Last Quarter: 2010-09-30
Revenue (MRQ): 15.77 mill
Net Income (MRQ): -17.42 mill
Op. Cash Flow (MRQ): -11.56 mill
all financial data provided without warranty